At the end of second quarter of 2023, the National Bureau of Statistics revealed that Lagos State has a domestic debt of N996.44b, while the external debt is $1.26 billion. This is despite the state’s N651.15 billion Internally Generated Revenue (IGR) and 160.93 billion, which is federal allocation in 2022 and N400 billion IGR as of half year IGR of 2023.
Lagos is a peculiar city surrounded by water. About 65 per cent of the state is aquatic, which leaves it with only 35 per cent of land mass. Interestingly, it is the most populated city in West Africa, with over 20 million people.
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